NEW YORK (TheStreet) -- Shares of Premiere Global Services Inc. (PGI) are surging 6.68% to $13.68 on Friday after the company said it generated SaaS (software as a service) revenue of approximately $12 million in the second quarter, representing over 50% year-over-year growth and our highest sequential increase ever.

Net income rose 9.2% to $144.3 million, or 23 cents per share, compared to $132.2 million, or 20 cents per share, in the same period a year ago.

The software company also maintained its 2014 financial outlook provided on April 24, expecting net revenue to be in the range of $565 million to $575 b

Separately, TheStreet Ratings team rates PREMIERE GLOBAL SERVICES INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate PREMIERE GLOBAL SERVICES INC (PGI) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.